⭐STEP 1: Create Two Parallel Lines Identify Key Pivot Points: Start by identifying three significant pivot points on your chart, which are essential for constructing the Andrews Pitchfork. These points are typically major highs and lows that can help outline the overall trend.
⭐STEP 2: Adjust and Refine the Channel Fine-tuning: Adjust the pivot points if necessary to ensure the pitchfork accurately represents the trend. This may involve moving the points slightly to fit the highs and lows more precisely.
⭐STEP 3: Analyze the Channel Price Interaction: Observe how the price interacts with the pitchfork lines. The central line often acts as a magnet for price movement, while the upper and lower lines provide potential support and resistance levels. Trend Confirmation: Use the pitchfork to confirm the current trend. If prices consistently respect the pitchfork lines, it reinforces the validity of the trend. Conversely, frequent breaches of these lines may indicate a weakening trend or impending reversal.
⭐STEP 4: Set Trade Entries and Exits Entry Points: Consider entering trades near the lower median line (LML) in an uptrend or near the upper median line (UML) in a downtrend. These areas often provide favorable risk-reward ratios. Exit Points: Set profit targets near the central median line (ML) or the opposite parallel line, depending on your trade direction. Use additional indicators or price patterns to confirm exit points and manage risk.
Using the Ichimoku indicator and Fib Retracement, we’ve identified three key support zones:
1. Around ~64.500 (-1.6%) 2. Around ~62.700 (-4.1%) 3. Around ~ 60.100 (-8%)
Watch these levels closely. If the price reacts and reverses, it might be a buy signal. However, given the current high risk, consider waiting a few days for a clearer trend before making any moves.
It doesn't matter if the market goes down or up, the only thing that matters is ...
📈 Stick to your strategy and Do not trade emotionally!!!! 😰
If you trade emotionally, you definitely lose money and market manipulators will take advantage of it!
If you want to invest and gain profit or minimize your loss, you need to predict market trends and set your objectives in advance.
Set your "STOP LOSS" and "GAIN PROFIT" targets in advance. We are all human and if prices reach our target, we are tempted to keep it, and if it gets closer to our stop, we are tempted to keep it maybe it came back to a higher price...
Is $BNB drop normal? let's say yes! The Fib retracement and ichimoko indicator shows that it's the normal behavior of the coin trend, and the Market is supporting it. Also, looking into the Market depth we see the support on these prices. However, be aware that the market can always surprise us, so trade based on your risk level.